the Treasury meets 75% of its needs announced at the beginning of the month

The Treasury raised 1.7 billion dirhams (MMDH) during the last auction in May, thus meeting 75% of its needs announced at the beginning of the month, according to Attijari Global Research (AGR).

These needs amounted to 13.3 billion dirhams in May 2022 compared to a cumulative lifting of 9.9 billion dirhams over the same month, indicates AGR in its publication “Weekly Hebdo Rates – Fixed Income” for the period from May 20 to 26. And to point out that the Treasury preferred to avoid marking the curve further upwards in a context of appreciation of the rates of return demanded by investors.

For its part, investor demand remained moderate through a satisfaction rate of 39% in May.

After a period of high volatility on the bond market, a lull was observed in the compartments. Indeed, yields on the primary market varied by +/- 1 basis point while on the secondary market, the short-term compartment appreciated by +6 basis points (bps) and the long-term fell by an average of -4 bps.

The Treasury’s recourse to the internal market remains conditional on the materialization of the external financing provided for by the finance law (LF-2022). These should make it possible to alleviate the tensions observed on the domestic market.


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